Thai Chamber Pushes Russia Trade Deal to Boost Bilateral Commerce
Thai business leaders visited Russia to expand bilateral trade and push for a free trade agreement with the EAEU bloc, citing agriculture and fertilizer imports as key growth areas worth potentially $2.2 billion annually.
The Thai Chamber of Commerce, headed by Pon Aramwattananon alongside Vice Chairman Chanin Cholisraarongse, led a private-sector delegation to Russia accompanying Deputy Prime Minister and Foreign Minister Siwarak Poungketkeaw. The delegation aims to expand trade, investment, and business opportunities between the two countries. During the visit, Thai business leaders met with Russian economic organizations including the Russian Chamber of Commerce and Industry and the Russian-Thai Business Council to discuss sector linkages and preparations for the Russian-Thai Investment Forum 2026, scheduled for October 29-31, 2026, in Bangkok. The delegation also participated in the Joint Russian-Thai Commission on Bilateral Cooperation, where Thai representatives outlined measures to strengthen balanced economic cooperation between the nations.
According to Pon, Thailand and Russia enjoy a long-standing relationship spanning people-to-people ties, tourism, and trade. Last year, bilateral trade reached approximately $1.7 billion, with the first half of this year already totaling around $1 billion and projected to reach $2.2 billion by year-end. However, this does not reflect true potential, particularly in agriculture and food exports, which offer significant growth opportunities.
The Thai private sector believes Thailand should accelerate negotiations for a Thai-EAEU Free Trade Agreement to establish a systematic economic cooperation framework, reduce tariff and non-tariff barriers, and facilitate trade, investment, logistics, and supply-chain connectivity with EAEU members: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Pon stated that Russia is not merely an important market but a gateway to the EAEU market of over 185 million people. A successful Thai-EAEU FTA would open new markets for Thai goods and services while providing access to raw materials, energy, fertilizers, and technology vital to Thai manufacturing.
Both sides emphasize reciprocity and mutual benefit in trade cooperation. Thailand seeks to import 1-2 million tons annually of urea fertilizer from Russia to strengthen input security and ease the burden on Thai farmers, with Russia ready to support long-term contracts. Thailand offers high-quality agricultural and food products, particularly canned tuna and animal feed, while Russia supplies fertilizers, wheat flour, king crab, sunflower oil, beef, and premium seafood to meet Thai market demand.
